Did you know that 70% of baby boomer wives are expected to outlive their husbands (Reuters, January 2012)? About 40% of wives out-earn their husbands (Bureau of Labor Statistics, November 2017). And by 2030, women will likely control about two-thirds of U.S. wealth (The Boston Consulting Group, Inc. 2006).
Yet on a seven-point scale, men rated their overall financial confidence at 6.20, while women came in at 5.86 (2015 Regions Women & Wealth Study). Just because we aren’t as confident as men now doesn’t mean we can’t become as confident in the future—and it all starts with knowledge.
The first step is making sure you have the basics covered: a will, power of attorney, healthcare directive. Have you reviewed IRA and 401K beneficiary information recently to confirm the documents match your wishes?
Then get the facts. With so much of our information online, it might be challenging to get an overall picture of where all your financial assets, including account numbers and passwords, are located.